SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

Supplemental Guarantor Financial Information [Abstract]

Supplemental Guarantor Financial Information Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS
December 31, 2019
(In millions)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	11.6		$	—	$	209.3		$	—		$	220.9
Receivables, net	78.3			—		686.8			(4.7		)	760.4
Intercompany receivables	—			—		2,815.5			(2,815.5		)	—
Income taxes receivable	1.6			—		12.3			—			13.9
Inventories, net	157.1			—		538.6			—			695.7
Other current assets	231.4			—		0.2			(208.5		)	23.1
Total current assets	480.0			—		4,262.7			(3,028.7		)	1,714.0
Property, plant and equipment, net	699.0			—		2,624.8			—			3,323.8
Operating lease assets, net	47.4			—		330.4			—			377.8
Investment in subsidiaries	7,048.2			4,353.5		—			(11,401.7		)	—
Deferred income taxes	1.7			—		34.7			(1.1		)	35.3
Other assets	20.9			—		1,148.2			—			1,169.1
Long-term receivables—affiliates	73.4			605.8		—			(679.2		)	—
Intangible assets, net	0.3			—		447.8			—			448.1
Goodwill	—			966.3		1,153.4			—			2,119.7
Total assets	$	8,370.9		$	5,925.6	$	10,002.0		$	(15,110.7	)	$	9,187.8
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt	$	2.1		$	—	$	—		$	—		$	2.1
Accounts payable	—			—		660.6			(8.7		)	651.9
Intercompany payables	2,815.5			—		—			(2,815.5		)	—
Income taxes payable	11.5			—		8.3			—			19.8
Current operating lease liabilities	8.2			—		71.1			—			79.3
Accrued liabilities	183.7			—		350.8			(205.4		)	329.1
Total current liabilities	3,021.0			—		1,090.8			(3,029.6		)	1,082.2
Long-term debt	2,130.0			1,208.7		—			—			3,338.7
Operating lease liabilities	40.4			—		263.0			—			303.4
Accrued pension liability	496.9			—		300.8			—			797.7
Deferred income taxes	—			6.5		449.2			(1.2		)	454.5
Long-term payables—affiliates	—			—		679.2			(679.2		)	—
Other liabilities	265.1			5.6		523.1			—			793.8
Total liabilities	5,953.4			1,220.8		3,306.1			(3,710.0		)	6,770.3
Commitments and contingencies
Shareholders’ equity:
Common stock	157.7			—		14.6			(14.6		)	157.7
Additional paid-in capital	2,122.1			4,125.7		4,808.2			(8,933.9		)	2,122.1
Accumulated other comprehensive loss	(803.4		)	—		(6.5		)	6.5			(803.4		)
Retained earnings	941.1			579.1		1,879.6			(2,458.7		)	941.1
Total shareholders’ equity	2,417.5			4,704.8		6,695.9			(11,400.7		)	2,417.5
Total liabilities and shareholders’ equity	$	8,370.9		$	5,925.6	$	10,002.0		$	(15,110.7	)	$	9,187.8

CONDENSED CONSOLIDATING BALANCE SHEETS
December 31, 2018
(In millions)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	92.0		$	—	$	86.8		$	—		$	178.8
Receivables, net	99.7			—		676.6			—			776.3
Intercompany receivables	—			—		2,558.2			(2,558.2		)	—
Income taxes receivable	2.6			—		3.3			—			5.9
Inventories, net	161.4			—		550.0			—			711.4
Other current assets	220.2			—		1.8			(187.0		)	35.0
Total current assets	575.9			—		3,876.7			(2,745.2		)	1,707.4
Property, plant and equipment, net	651.4			—		2,830.7			—			3,482.1
Investment in subsidiaries	6,943.3			4,286.9		—			(11,230.2		)	—
Deferred income taxes	7.3			—		27.4			(8.4		)	26.3
Other assets	24.3			—		1,126.1			—			1,150.4
Long-term receivables—affiliates	—			1,247.2		—			(1,247.2		)	—
Intangible assets, net	0.3			—		511.3			—			511.6
Goodwill	—			966.3		1,153.3			—			2,119.6
Total assets	$	8,202.5		$	6,500.4	$	9,525.5		$	(15,231.0	)	$	8,997.4
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt	$	0.9		$	—	$	125.0		$	—		$	125.9
Accounts payable	90.1			—		549.4			(3.0		)	636.5
Intercompany payables	2,558.2			—		—			(2,558.2		)	—
Income taxes payable	3.9			—		18.7			—			22.6
Accrued liabilities	150.3			—		367.5			(184.5		)	333.3
Total current liabilities	2,803.4			—		1,060.6			(2,745.7		)	1,118.3
Long-term debt	1,357.5			1,746.9		—			—			3,104.4
Accrued pension liability	439.1			—		235.2			—			674.3
Deferred income taxes	—			6.0		521.3			(8.4		)	518.9
Long-term payables—affiliates	469.6			—		777.6			(1,247.2		)	—
Other liabilities	300.7			5.5		443.1			—			749.3
Total liabilities	5,370.3			1,758.4		3,037.8			(4,001.3		)	6,165.2
Commitments and contingencies
Shareholders’ equity:
Common stock	165.3			—		14.6			(14.6		)	165.3
Additional paid-in capital	2,247.4			4,125.7		4,808.2			(8,933.9		)	2,247.4
Accumulated other comprehensive loss	(651.0		)	—		(6.9		)	6.9			(651.0		)
Retained earnings	1,070.5			616.3		1,671.8			(2,288.1		)	1,070.5
Total shareholders’ equity	2,832.2			4,742.0		6,487.7			(11,229.7		)	2,832.2
Total liabilities and shareholders’ equity	$	8,202.5		$	6,500.4	$	9,525.5		$	(15,231.0	)	$	8,997.4

Supplemental Guarantor Financial Information Statement of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Year Ended December 31, 2019
(In millions)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	1,340.6		$	—		$	5,239.7		$	(470.3	)	$	6,110.0
Operating expenses:
Cost of goods sold	1,210.4			—			4,699.1			(470.3		)	5,439.2
Selling and administration	211.0			—			205.9			—			416.9
Restructuring charges	1.4			—			75.1			—			76.5
Other operating (expense) income	(16.2		)	—			16.6			—			0.4
Operating (loss) income	(98.4		)	—			276.2			—			177.8
Equity income in subsidiaries	96.9			66.6			—			(163.5		)	—
Interest expense	94.5			136.2			20.5			(8.0		)	243.2
Interest income	5.4			—			3.6			(8.0		)	1.0
Non-operating pension income (expense)	22.2			—			(5.9		)	—			16.3
Other income	11.2			—			—			—			11.2
Income (loss) before taxes	(57.2		)	(69.6		)	253.4			(163.5		)	(36.9		)
Income tax (benefit) provision	(45.9		)	(32.4		)	52.7			—			(25.6		)
Net (loss) income	$	(11.3	)	$	(37.2	)	$	200.7		$	(163.5	)	$	(11.3	)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Year Ended December 31, 2018
(In millions)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	1,423.8		$	—		$	5,937.0		$	(414.7	)	$	6,946.1
Operating expenses:
Cost of goods sold	1,153.1			—			5,083.7			(414.7		)	5,822.1
Selling and administration	206.0			—			224.6			—			430.6
Restructuring charges	—			—			21.9			—			21.9
Acquisition-related costs	1.0			—			—			—			1.0
Other operating (expense) income	(3.0		)	—			9.4			—			6.4
Operating income	60.7			—			616.2			—			676.9
Losses of non-consolidated affiliates	(19.7		)	—			—			—			(19.7		)
Equity income in subsidiaries	310.7			289.6			—			(600.3		)	—
Interest expense	68.6			153.3			26.9			(5.6		)	243.2
Interest income	5.8			—			1.4			(5.6		)	1.6
Non-operating pension income (expense)	26.6			—			(4.9		)	—			21.7
Income before taxes	315.5			136.3			585.8			(600.3		)	437.3
Income tax (benefit) provision	(12.4		)	(35.1		)	156.9			—			109.4
Net income	$	327.9		$	171.4		$	428.9		$	(600.3	)	$	327.9

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Year Ended December 31, 2017
(In millions)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	1,330.3		$	—		$	5,344.9		$	(406.8	)	$	6,268.4
Operating expenses:
Cost of goods sold	1,195.5			—			4,766.2			(406.8		)	5,554.9
Selling and administration	157.0			—			212.8			—			369.8
Restructuring charges	1.7			—			35.9			—			37.6
Acquisition-related costs	12.8			—			—			—			12.8
Other operating (expense) income	(11.1		)	—			14.4			—			3.3
Operating (loss) income	(47.8		)	—			344.4			—			296.6
Earnings of non-consolidated affiliates	1.8			—			—			—			1.8
Equity income in subsidiaries	638.4			357.6			—			(996.0		)	—
Interest expense	44.5			165.8			13.0			(5.9		)	217.4
Interest income	6.3			—			1.4			(5.9		)	1.8
Non-operating pension income (expense)	38.5			—			(4.1		)	—			34.4
Income before taxes	592.7			191.8			328.7			(996.0		)	117.2
Income tax provision (benefit)	43.2			(310.0		)	(165.5		)	—			(432.3		)
Net income	$	549.5		$	501.8		$	494.2		$	(996.0	)	$	549.5

Supplemental Guarantor Financial Information Statements Of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Year Ended December 31, 2019
(In millions)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Net (loss) income	$	(11.3	)	$	(37.2	)	$	200.7		$	(163.5	)	$	(11.3	)
Other comprehensive loss, net of tax:
Foreign currency translation adjustments, net	—			—			(9.1		)	—			(9.1		)
Unrealized losses on derivative contracts, net	(15.4		)	—			—			—			(15.4		)
Pension and postretirement liability adjustments, net	(95.8		)	—			(54.4		)	—			(150.2		)
Amortization of prior service costs and actuarial losses, net	19.9			—			2.4			—			22.3
Total other comprehensive loss, net of tax	(91.3		)	—			(61.1		)	—			(152.4		)
Comprehensive (loss) income	$	(102.6	)	$	(37.2	)	$	139.6		$	(163.5	)	$	(163.7	)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Year Ended December 31, 2018
(In millions)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Net income	$	327.9		$	171.4	$	428.9		$	(600.3	)	$	327.9
Other comprehensive loss, net of tax:
Foreign currency translation adjustments, net	—			—		(22.2		)	—			(22.2		)
Unrealized losses on derivative contracts, net	(11.7		)	—		—			—			(11.7		)
Pension and postretirement liability adjustments, net	(69.6		)	—		(5.3		)	—			(74.9		)
Amortization of prior service costs and actuarial losses, net	26.3			—		2.0			—			28.3
Total other comprehensive loss, net of tax	(55.0		)	—		(25.5		)	—			(80.5		)
Comprehensive income	$	272.9		$	171.4	$	403.4		$	(600.3	)	$	247.4

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Year Ended December 31, 2017
(In millions)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Net income	$	549.5		$	501.8	$	494.2		$	(996.0	)	$	549.5
Other comprehensive income, net of tax:
Foreign currency translation adjustments, net	—			—		31.7			—			31.7
Unrealized losses on derivative contracts, net	(1.7		)	—		—			—			(1.7		)
Pension and postretirement liability adjustments, net	(12.3		)	—		(9.3		)	—			(21.6		)
Amortization of prior service costs and actuarial losses, net	15.3			—		1.7			—			17.0
Total other comprehensive income, net of tax	1.3			—		24.1			—			25.4
Comprehensive income	$	550.8		$	501.8	$	518.3		$	(996.0	)	$	574.9

Supplemental Guarantor Financial Information Statements Of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended December 31, 2019
(In millions)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Net operating activities	$	133.2		$	—		$	484.1		$	—		$	617.3
Investing Activities
Capital expenditures	(152.4		)	—			(233.2		)	—			(385.6		)
Proceeds from disposition of affiliated companies	20.0			—			—			—			20.0
Distributions from consolidated subsidiaries, net	3.1			—			—			(3.1		)	—
Net investing activities	(129.3		)	—			(233.2		)	(3.1		)	(365.6		)
Financing Activities
Long-term debt:
Borrowings	800.0			—			25.0			—			825.0
Repayments	(51.2		)	(543.0		)	(150.0		)	—			(744.2		)
Common stock repurchased and retired	(145.9		)	—			—			—			(145.9		)
Stock options exercised	1.7			—			—			—			1.7
Dividends paid	(129.3		)	—			(3.1		)	3.1			(129.3		)
Debt issuance costs	(16.6		)	—			—			—			(16.6		)
Intercompany financing activities	(543.0		)	543.0			—			—			—
Net financing activities	(84.3		)	—			(128.1		)	3.1			(209.3		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(0.3		)	—			(0.3		)
Net (decrease) increase in cash and cash equivalents	(80.4		)	—			122.5			—			42.1
Cash and cash equivalents, beginning of year	92.0			—			86.8			—			178.8
Cash and cash equivalents, end of year	$	11.6		$	—		$	209.3		$	—		$	220.9

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended December 31, 2018
(In millions)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Net operating activities	$	529.8		$	—		$	378.0		$	—		$	907.8
Investing Activities
Capital expenditures	(149.8		)	—			(235.4		)	—			(385.2		)
Proceeds from disposition of property, plant and equipment	—			—			2.9			—			2.9
Distribution from consolidated subsidiaries, net	95.0			95.0			—			(190.0		)	—
Net investing activities	(54.8		)	95.0			(232.5		)	(190.0		)	(382.3		)
Financing Activities
Long-term debt:
Borrowings	550.0			—			20.0			—			570.0
Repayments	(21.0		)	(780.4		)	(144.7		)	—			(946.1		)
Common stock repurchased and retired	(50.0		)	—			—			—			(50.0		)
Stock options exercised	3.4			—			—			—			3.4
Dividends paid	(133.6		)	(95.0		)	(95.0		)	190.0			(133.6		)
Debt issuance costs	(8.5		)	—			—			—			(8.5		)
Intercompany financing activities	(780.4		)	780.4			—			—			—
Net financing activities	(440.1		)	(95.0		)	(219.7		)	190.0			(564.8		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(0.3		)	—			(0.3		)
Net increase (decrease) in cash and cash equivalents	34.9			—			(74.5		)	—			(39.6		)
Cash and cash equivalents, beginning of year	57.1			—			161.3			—			218.4
Cash and cash equivalents, end of year	$	92.0		$	—		$	86.8		$	—		$	178.8

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended December 31, 2017
(In millions)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Net operating activities	$	472.0		$	—		$	176.8		$	—		$	648.8
Investing Activities
Capital expenditures	(89.1		)	—			(205.2		)	—			(294.3		)
Payments under long-term supply contracts	—			—			(209.4		)	—			(209.4		)
Proceeds from disposition of property, plant and equipment	—			—			5.2			—			5.2
Distribution from consolidated subsidiaries, net	2.7			—			—			(2.7		)	—
Net investing activities	(86.4		)	—			(409.4		)	(2.7		)	(498.5		)
Financing Activities
Long-term debt:
Borrowings	620.0			1,375.0			40.5			—			2,035.5
Repayments	(690.8		)	(1,334.1		)	(13.0		)	—			(2,037.9		)
Stock options exercised	29.8			—			—			—			29.8
Dividends paid	(133.0		)	—			(2.7		)	2.7			(133.0		)
Debt issuance costs	(8.3		)	(2.9		)	—			—			(11.2		)
Intercompany financing activities	(171.4		)	(38.0		)	209.4			—			—
Net financing activities	(353.7		)	—			234.2			2.7			(116.8		)
Effect of exchange rate changes on cash and cash equivalents	—			—			0.4			—			0.4
Net increase in cash and cash equivalents	31.9			—			2.0			—			33.9
Cash and cash equivalents, beginning of year	25.2			—			159.3			—			184.5
Cash and cash equivalents, end of year	$	57.1		$	—		$	161.3		$	—		$	218.4